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Suppose that the demand for corn is such that Q = 14 billion bu are consumed if the price is P = $4.00/bu, and Q = 16 billion bu are consumed if the price is P = $3.00/bu. a. Assuming that the corn demand can be represented by a linear equation going through these two quantity-price combinations, calculate such equation. (Hint: Demand is P = a + b Q, and you need to calculate “a” and “b”.) b. Use a computer spreadsheet (e.g., Excel) to graph the demand curve you obtained in (a) above, plotting Q on the horizontal axis and P on the vertical axis. c. Using the two quantity-price combinations reported in (1) above, compute the own-price elasticity of demand for corn. Is the corn demand elastic or inelastic? d. Calculate the corn expenditures by consumers when the price is $3.50/bu. Based on (c) above, an increase in corn price from $3.50/bu to $4.00/bu would result in a larger or a smaller amount spent by consumers to buy corn.
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
Suppose there is an increase in the price of steel. We would expect the supply curve for steel beams to:
Garden plots at the Aches and Pains Elderxare facility rent for $1 per square foot per month. Lucky has $100 per month to spend on her garden and bus with each bus ride costing $5. The good news is that Lucky's children will pay for half the cost of ..
From 1982 to 1986 retail sales of furs in the U.S. rose from $0.4 billion to $1.9 billion. After this time, there was no additional growth until 1989 when sales increased slightly to $2 billion. Subsequently there was a plunge in fur sales which drop..
If the Fed purchases Treasury Bills from banks:
A $1000, 9.50% semi annual bond is purchased for $1010. If the bond is sold at the end of three years and six interest payments, what should the selling price be to yield a 10% return on the investment?
Use the updated demand (QD) and marginal revenue (MR) functions below to complete this assignment. Due to changes in the low calorie, frozen, microwavable industry’s market structure, the firm-specific demand equation for our hypothetical company has..
Considering each of the factors that impacted women at this time, was this a beneficial period for women's rights? Your answer should include some reference to reform, the Market Revolution (industrial technologies), and expansion.
When a country is forced to buy and sell currency on the international foreign exchange market to maintain its currency's value, what type of exchange rate does it use?
The bank and pays interest at the market interest rate of 4 percent. Is it correct to say that the cost to Mary of living in her house is less than the cost to John.
This is a business law question there is now select subject for business law so I chose economic Miller, R. (2013). Fundamentals of Business Law: What is the importance of risk management to the business enterprise?
Along the long-run Phillips curve, the unemployment rate ________, and the inflation rate ________.
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